Case Study:
Bygrave and Zacharakis (2014) maker the case that about 2/3 of initial investments come from the entrepreneur themselves and almost always the rest is from informal investors: "Four Fs: founders, family, friends, and foolhardy investors" Relationship of informal investor to investee provides a typical breakdown.
Were you surprised by this information? Why? Why not?
Reference:
Bygrave, W. D., & Zacharakis, A. (2014). Entrepreneurship (3rd ed.). New Jersey, NJ: John Wiley & Sons, Inc.